Economy of Nigeria
economy of the country
Nigeria has a lower-middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 52nd-largest economy in the world in terms of nominal GDP, the second largest in Africa in terms of purchasing power parity, and the 19th-largest in terms of purchasing power parity. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. Nigeria's debt-to-GDP ratio was 36.63% in 2021 according to the IMF.
Although oil revenues contributed 2/3 of state revenues, oil only contributes about 9% to the GDP. Nigeria produces about 2.7% of the world's oil supply. The largely subsistence agricultural sector has not kept up with the country's rapid population growth. It was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a manufacturing resurgence and food export and there was consequently a move towards food sufficiency.
In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion. According to a report by Citigroup, published in February 2011, Nigeria had the highest projected average GDP growth in the world between 2010 and 2050. Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.
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